Duolingo Inc, a mobile learning platform provider, has filed Amendment No 3 to Form S-1 Registration Statement on February 8, 2021 with the U.S. Securities and Exchange Commission to raise the proposed IPO price range to $95 to $100, previously the proposed price range was $27 to $30.
The company plans to raise $498 million by offering 5.1 million shares. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $7.3 billion.
The company is a technology company founded by two engineers, Luis von Ahn and Severin Hacker. Their mobile app has organically become the world’s most popular way to learn languages and the top-grossing app in the Education category on both Google Play and the Apple App Store.
The Pittsburgh, Pennsylvania-based company was founded in 2011 and booked $189 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq Global Select Market under the symbol “DUOL.” Goldman Sachs, Allen & Company, BofA Securities, Barclays, Evercore ISI, and William Blair are underwriters of the IPO.
The company engages Latham & Watkins LLP as US Securities Counsel, and Deloitte & Touche LLP as Independent Auditor.
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